Installed an eighth favourite by Sportingbet after the finalists were announced last Thursday, punters have slashed the odds of Lowry’s portrait winning from $18 in to a clear-cut $5 favourite.

“Nearly two-thirds of the money that has been staked on this market is for the portrait of Penelope Seidler which is extremely significant considering there’s 54 finalists,” Sportingbet spokesman Andrew Brown said.

“Every year the punters line up to make something favourite and more often than not they get it right.”